Brokerages Set Penguin Solutions (NASDAQ:PENG) Price Target at $24.94

Penguin Solutions (NASDAQ:PENG - Get Free Report) has been given an average recommendation of "Buy" by the nine research firms that are covering the company, Marketbeat reports. One investment analyst has rated the stock with a hold recommendation, six have given a buy recommendation and two have given a strong buy recommendation to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $24.94.

A number of equities analysts have issued reports on PENG shares. The Goldman Sachs Group cut their target price on shares of Penguin Solutions from $26.00 to $22.50 and set a "buy" rating for the company in a research report on Thursday, April 3rd. JPMorgan Chase & Co. began coverage on Penguin Solutions in a research report on Monday, March 31st. They set a "neutral" rating and a $20.00 price objective for the company. Needham & Company LLC reiterated a "buy" rating and set a $27.00 target price on shares of Penguin Solutions in a report on Thursday, April 3rd. Rosenblatt Securities reissued a "buy" rating and issued a $27.00 price target on shares of Penguin Solutions in a report on Thursday, April 17th. Finally, Wall Street Zen upgraded Penguin Solutions from a "buy" rating to a "strong-buy" rating in a research report on Thursday.

Penguin Solutions Price Performance

PENG stock traded down $0.02 on Friday, reaching $18.08. 58,443 shares of the company's stock were exchanged, compared to its average volume of 884,995. The stock has a fifty day moving average of $17.50 and a 200-day moving average of $18.65. The firm has a market cap of $954.64 million, a PE ratio of -34.79 and a beta of 2.00. The company has a quick ratio of 1.75, a current ratio of 2.33 and a debt-to-equity ratio of 1.61. Penguin Solutions has a twelve month low of $14.20 and a twelve month high of $22.67.

Penguin Solutions (NASDAQ:PENG - Get Free Report) last announced its quarterly earnings results on Wednesday, April 2nd. The company reported $0.52 EPS for the quarter, topping the consensus estimate of $0.33 by $0.19. The business had revenue of $365.52 million for the quarter, compared to analyst estimates of $344.44 million. Penguin Solutions had a positive return on equity of 11.70% and a negative net margin of 2.21%. The company's revenue for the quarter was up 28.3% compared to the same quarter last year. As a group, equities analysts predict that Penguin Solutions will post 1.05 EPS for the current fiscal year.

Insider Activity at Penguin Solutions

In other Penguin Solutions news, EVP Jack A. Pacheco sold 3,219 shares of Penguin Solutions stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $20.00, for a total value of $64,380.00. Following the completion of the sale, the executive vice president now owns 231,548 shares in the company, valued at $4,630,960. The trade was a 1.37% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 2.60% of the company's stock.

Institutional Investors Weigh In On Penguin Solutions

Several hedge funds have recently modified their holdings of PENG. Vanguard Group Inc. acquired a new position in Penguin Solutions during the first quarter worth approximately $111,458,000. Alliancebernstein L.P. acquired a new position in shares of Penguin Solutions in the 1st quarter valued at $28,919,000. Paradigm Capital Management Inc. NY purchased a new stake in shares of Penguin Solutions during the 1st quarter valued at $19,545,000. Think Investments LP acquired a new stake in shares of Penguin Solutions during the 1st quarter worth $15,713,000. Finally, Charles Schwab Investment Management Inc. purchased a new position in shares of Penguin Solutions in the 1st quarter worth $14,786,000.

About Penguin Solutions

Penguin Solutions, Inc engages in the designing and development of enterprise solutions worldwide. It operates through three segments: Advanced Computing, Integrated Memory, and Optimized LED. It offers dynamic random access memory modules, solid-state and flash storage, and other advanced integrated memory solutions for networking and telecom, data analytics, artificial intelligence and machine learning applications; and supply chain services, including procurement, logistics, inventory management, temporary warehousing, programming, kitting, and packaging services.